Resolution to approve the proposed amendment to the current city budget for the fiscal year ending June 30, 2024.

The City of Council Bluffs is proposing an amendment to the budget for the fiscal year ending June 30, 2024. 

General fund expenditures exceed revenues by $3.9M, reflective of the following:

• Increased costs for technology, costs related to inspections and collections, and costs related to the Mid-American Center.
• Timing of project spend and use of general fund dollars as the funding mechanism.
• Decreased revenues related to franchise fees of $950k and property taxes of 472k due to the decrease in commodity prices and anticipated collections, respectively.

Additional highlights for the proposed budget amendment are contained in the FY24 Amended Budget packet. 

Per the State of Iowa, municipalities are required to submit an amended budget if/when expenditures are projected to be over budget. In order to comply with this requirement, staff recommends approval of the FY24 proposed budget amendment. Upon approval, the amended budget will be filed with the State of Iowa and Pottawattamie County.